Loading Results

TaXavvy Issue 03/2020

In this issue:

Revised audit frameworks 

The Inland Revenue Board has issued the following revised audit frameworks:

  • Tax Audit Framework
  • Petroleum Audit Framework
  • Transfer Pricing Audit Framework

The above revised audit frameworks are effective from 15 December 2019.

Labuan developments 

  1. Labuan Investment Committee Pronouncement 2-2019
  2. Clarification to LIC’s Pronouncement 2-2019
  3. Labuan FSA’s Circular on revision of disallowance of tax deduction for payments made to Labuan companies

Public Ruling 8/2019 - Notification of change in accounting period of a company, trust body, co-operative society

Public Ruling 8/2019 - Notification of change in accounting period of a company, trust body, co-operative society (“PR 8/2019”) issued on 6 December 2019, replaces PR 7/2011 on the same subject to reflect current legislation. Broadly similar to the old PR, PR 8/2019’s main update was to incorporate the requirements of section 21A(3A) of the Income Tax Act 1967 which specifies a time frame to notify the DG on any change to the accounting period.

Public Ruling 9/2019 - Residence status of companies and bodies of persons

Public Ruling 9/2019 - Residence status of companies and bodies of persons (“PR 9/2019”) issued on 6 December 2019, replaces the earlier Public Ruling 5/2011 on the same subject to bring in line with current legislation. PR 9/2019 also now includes the determination of residence status for LLPs and Business Trusts.

Public Ruling 10/2019 - Withholding tax on special classes of income

Public Ruling 10/2019 - Withholding tax on special classes of income (“PR 10/2019”) issued on 10 December 2019 replaces PR 11/2018 on the same subject. PR 10/2019 essentially updates PR 11/2018 to incorporate changes to the law since PR 11/2018 was issued.

Public Ruling 11/2019 - Benefits in Kind

Public Ruling 11/2019 - Benefits in Kind (“PR 11/2019”) issued on 12 December 2019 replaces PR 3/2013 of the same topic. PR 11/2019 essentially updates PR 3/2013 to incorporate changes to the law since PR 3/2013 was issued.

Public Ruling 12/2019 – Tax treatment of foreign exchange gains and losses 

New Public Ruling 12/2019 - Tax treatment of foreign exchange gains and losses (“PR 12/2019”) was issued on 13 December 2019.  PR 12/2019 outlines the tax treatment for businesses in Malaysia in respect of foreign exchange gains and losses, which arise from cross border transactions denominated in foreign currency.

Revised guidelines for setting up a Representative Office / Regional Office

The Malaysian Investment Development Authority has issued revised guidelines for Setting up a Representative Office / Regional Office (“2019 Guidelines”). The 2019 Guidelines replaces the Guidelines on the same topic issued in November 2018.

TaXavvy is a newsletter issued by PricewaterhouseCoopers Taxation Services Sdn Bhd. While every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PricewaterhouseCoopers Taxation Services Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.

 

{{filterContent.facetedTitle}}

Contact us

PwC Malaysia

General enquiries, PwC Malaysia

Tel: +60 (3) 2173 1188

Email
Follow us

© 2018 - 2025 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.